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Forever 21 Files for Bankruptcy, 178 Stores Targeted for Closing

Teen fast-fashion retail chain Forever 21 has filed for bankruptcy. The Los Angeles-based apparel firm filed a voluntary Chapter 11 petition Sunday night seeking bankruptcy court protection in Delaware. Linda Chang, executive vice president of the fast-fashion chain, said, “This was an important and necessary step to secure the future of our company, which will enable us…

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